The global artificial intelligence in health care market was worth $667 million last year and is expected to reach almost $8 billion by 2022, according to a new MarketsandMarkets report. It will grow at an annualized rate of about 53 percent from 2017 to 2022.

This market is fueled by the growing use of big data, desire to improve patient outcomes and reduce costs, imbalance between the health care workforce and patients, popularity of personalized medicine, cross-industry partnerships and a significant increase in venture capital investments.

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Deep learning technology, which includes image and signal recognition and data mining, is projected to grow at the highest rate during the forecast period. However, AI software is expected to hold the largest share of the market.

The AI software is used along with medical imaging and diagnostics, drug discovery, in-patient care and hospital management, virtual assistance, precision medicine, lifestyle management and monitoring, patient data and risk analysis, and research.

The major companies in the AI software space include IBM Corporation, Google Inc., Microsoft Corporation, Enlitic Inc. and Next IT Corp. IBM, Google and Microsoft also develop deep learning technology.

The North America segment, which comprises the U.S., Mexico and Canada, dominates the overall market. The U.S. contributes the most to the growth partly due to its increased focus on personalized medicine, large amount of cross-industry partnerships and the high consumerization of personal care products.